Firms Increasingly Interested in Cyber Insurance

“Companies in the United States, the United Kingdom and Germany are increasingly interested in taking out cyber insurance, according to a new study commissioned by insurance provider Hiscox.

The cyber security readiness study, which involved 3,000 businesses from the three countries, shows that 30% of companies in Germany, 36% in the U.K. and 55% in the U.S. already have cyber insurance. Roughly 30% of the firms that don’t have insurance plan on getting insured in the next 12 months.

The top reasons for taking out cyber insurance are related to the cost of a potential breach and the need for peace of mind, data security concerns, the possibility of customer action, and new data regulations. In roughly one-quarter of cases, cyber insurance is a legal requirement.”

OODA Analyst

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